I'm sitting in on closing arguments in the penalty phase of Mattel's case against privately held MGA Entertainment. The CEOs of both companies are in the Riverside, Calif. courtroom 70 miles from their offices. It's standing room only. (UPDATED.)

Los Angeles is in the middle of a billion dollar girl fight. Actually a $3.1 billion girl fight if Mattel's figures are correct. Later today a judge is expected to rule on whether to declare a mistrial in the case Mattel brought against MGA Entertainment over its mega-hit Bratz dolls.

“Boycott Hasbro!” The rallying cry started early Tuesday after fans of Scrabulous, an online knockoff of the classic board game Scrabble, woke up to find that their game had been abruptly removed from Facebook.com, the social networking site.

Q: On Fast Money’s trader radar we look at the stock that was lighting up screens across Wall Street. After winning a legal battle over Bratz dolls against MGA Entertainment this Hot Wheels maker raced to the top today as better-than-expected earnings made investors as happy as a Ken doll. Who is it?

This is crunch time for this little mini-rally--since the earnings news is mixed, it will be critical for the market to move sideways or up today, and avoid retracing any of the last two days gains. Options expiration today.

This weekend the Warner Bros. flick will be in over 4,300 screens in North America, a record. There's no question "The Dark Knight will be huge." Reviews have been rave, and I can attest, it lives up to the hype. And sad as it is to say it, the untimely death of Heath Ledger, who plays the Joker brilliantly, has only generated more intrigue around the film.

The Dow closed at its lowest level in nearly two years after a downgrade on brokerage stocks and a slew of weak earnings and economic reports. Several Dow components and several financial stocks hit multiyear lows, with the biggest shock coming from GM, which fell to its lowest in more than 50 years.